Remove Accounting Remove Maine Remove Overhead Remove Profitability
article thumbnail

Job Costing Accounting Vs. Regular Accounting

Contractor Bookkeeping

There is some confusion about the differences between job costing accounting and regular accounting which leads some contractors to believe they can get what they need from any bookkeeper and the cheaper the better. Two Basic Types Of Accounting. #1 Tax Accountants are good people and have a place in the accounting world.

article thumbnail

PSMJ Resources Blog: 11 Ways to Cut Overhead

PSMJ Resources

skip to main | skip to sidebar. 11 Ways to Cut Overhead. Here are eleven creative ideas to reduce your overhead expenses. Shift job-cost reporting, billing, and other accounting functions to the secretary who does it as a part-time, collateral duty. or break your profit, but by focusing attention on areas of cost that.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Seven Ages of a Business

Constructonomics

Investors and loans are the main sources of money – usually from friends, family, a day job and government grants. Management becomes more formal and accounting needs to be stronger; money comes more from profits, banks and franchising options than from family. Money tends to come from profits, banks and government grants.

article thumbnail

Estimating- The New Normal

Chianelli Estimating

General Condition costs along with indirect costs tend to be much smaller but they are still a reality of doing business and a real profit killer; particularly when not accounted for. Indirect costs can come in various ways and can add up in a hurry vastly cutting into profit. Accounting expanse. Office Utilities.

article thumbnail

Service Agreements Can Improve Contractors Cash Flow And Profits

Contractor Bookkeeping

Construction Accounting As It Relates To Service Agreements. The price of a service agreement must pay for the corresponding maintenance and whatever is left after the cost of material, labor and other costs is gross profit. 5 It requires a bit more construction accounting than most bookkeepers know how to do. Need Help Now?

article thumbnail

Estimate Your Way in STACK

Construction Business Owner

After calculating material quantities with your takeoff, estimating adds costs to all facets of the project, from materials and labor to overhead and markup. Waste and overhead can also be added to arrive at the project cost. Estimating is the backbone of a construction project, and it’s essential to get it right to win bids.

article thumbnail

Real-Time Work-in-Progress Figures — Construction’s Secret Weapon

ProcurementExpress.com

In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. Yes, WIPs are considered current assets – meaning, accountants consider inventory assets to be current, as they are expected to turn into cash within the year. WIP is one element of an inventory account.